To complete a comprehensive Michigan estate plan you need to have powers of attorney in addition to your will or living trust. The key to powers of attorney are to the know the different types and which one fits your specific situation.
As a Michigan estate planning lawyer, it is my duty to educate clients on the differences and help them customize the documents to their individual situation.
A Michigan financial power of attorney is a document that is used to appoint someone to make financial decisions and sign legal documents on your behalf. There are actually two types of financial powers of attorney.
One type is called a "springing" power of attorney. This type of financial power of attorney does not go into effect until there is a stated event, such as disability proven by two licensed physicians signing letters stating the disability.
The second type of financial power of attorney in Michigan is called a "durable" power of attorney. This document is similar to the springing power of attorney in that it gives power to another to make financial decisions and sign legal documents. However, instead of springing into life upon disability, it is effective immediately.
As a Michigan estate planning lawyer, it is my duty to educate clients on the differences and help them customize the documents to their individual situation.
A Michigan financial power of attorney is a document that is used to appoint someone to make financial decisions and sign legal documents on your behalf. There are actually two types of financial powers of attorney.
One type is called a "springing" power of attorney. This type of financial power of attorney does not go into effect until there is a stated event, such as disability proven by two licensed physicians signing letters stating the disability.
The second type of financial power of attorney in Michigan is called a "durable" power of attorney. This document is similar to the springing power of attorney in that it gives power to another to make financial decisions and sign legal documents. However, instead of springing into life upon disability, it is effective immediately.
This begs the question, which is the best document to use. Well, like
many things in law "it depends." There are many factors that go into
choosing which type of document to use based off age of clients, family
situation, who will be appointed, assets involved, etc. This is
another area where seeking guidance from a Michigan estate planning
lawyer is vital.
Our office uses both depending on the situation.
-Christopher J. Berry, Esq.
Michigan Estate Planning Lawyer
Our office uses both depending on the situation.
-Christopher J. Berry, Esq.
Michigan Estate Planning Lawyer
